Anyone else watching the Commercial Real Estate market imploding?
These banks have loaned $900bn of loans that were due to be repaid last year. Instead most of the loans were “extend and pretend” - the banks said “we’ll give you another year to repay”.
Unfortunately as anyone who has seen NYC or SF office buildings knows - they are virtually empty and NOBODY wants to go back to these democrat cities.
Maybe they can house some of the violent immigrants in them? Maybe they can repay these loans?
Zero hedge had an article about this a few days ago. The TLDR is in order to make it economically viable to transform these buildings into residential units the total cost of the building would have to drop by about 50%.
Anyone else watching the Commercial Real Estate market imploding?
These banks have loaned $900bn of loans that were due to be repaid last year. Instead most of the loans were “extend and pretend” - the banks said “we’ll give you another year to repay”.
Unfortunately as anyone who has seen NYC or SF office buildings knows - they are virtually empty and NOBODY wants to go back to these democrat cities.
Maybe they can house some of the violent immigrants in them? Maybe they can repay these loans?
Zero hedge had an article about this a few days ago. The TLDR is in order to make it economically viable to transform these buildings into residential units the total cost of the building would have to drop by about 50%.